The largest decrease in filings came from Nevada, Hawaii, Arizona and California all down by more than 23% over the same time in 2011.
Columbus, Oh (PRWEB) December 31, 2012
Cloud Technology Systems, Inc , the industry leading YouTube channel and source for credit repair advice, reports a decrease in bankruptcy filings for the first 3 quarters of 2012. There has been a decrease of 14% in bankruptcy filings in the first three quarters of 2012 when compared to the same period in 2011. Even though nationwide there has been a decrease in Bankruptcies, Tennessee, Georgia, Nevada and Utah are 70% above the National average. Nine of the top ten counties with the highest rate of bankruptcies are located in Georgia and Tennessee. The county with the highest bankruptcy rate for the first 3 quarters of 2012 was by far Shelby county Tennessee (Memphis), according to NBKRC contributor Professor Ronald Mann of the Columbia Law School.
When asked why the filing rate is so high in cities like Memphis, Dena K. Wise a family economics specialist at the University of Tennessee said "If your neighbor does it, it's more likely you will do it." although the promise of keeping your home, car and wages and discharging your unwanted debt as stated at one bankruptcy attorney Memphis TN website WillBankruptcyHelp.com is more likely the reason for individuals seeking bankruptcy.
According to this YouTube video, Many are looking for a way to rebuild their credit after bankruptcy, this video explains how one man filed bankruptcy and was faced with foreclosure and car repossessions and what he did to rebuild his credit Also described in this video is how he used credit cards to build new lines of credit after his bankruptcy. He recommends searching for bad credit credit cards that are designed for those that have had credit troubles in the past even as severe as bankruptcy.
The NBKRC analysis also uncovered that even though some areas of the country are still struggling with bankruptcy the trend is that the overall bankruptcy filing rate is going down. The largest decrease in filings came from Nevada, Hawaii, Arizona and California all down by more than 23% over the same time in 2011.